Block Inc.’s (XYZ) Square has crossed a threshold of roughly 1 million merchants now enabled to accept Bitcoin payments.
The figure, cited by a member of Block’s team, reflects a wave of auto-enrollment that began March 30, when Square automatically switched on BTC payments by default for eligible U.S. sellers.
At its peak pace, a new business was activating the feature every eight seconds. The rollout is powered by the Lightning Network, enabling near-instant settlement while merchants receive U.S. dollars by default, removing currency risk from the equation.
In other words, customers can pay in Bitcoin via Lightning while merchants still receive USD settlements, with the system handling conversion in the background and allowing sellers to opt out if needed.
Bitcoin as everyday money
At the Bitcoin Conference in Las Vegas, Block outlined an expanded push to make bitcoin usable as everyday money rather than simply a long-term investment. Speaking on the Nakamoto Stage, Bitcoin Product Lead Miles Suter said BTC “must circulate, not just sit still,” arguing that the cryptocurrency loses its transformational value if it does not function as peer-to-peer cash.
Suter highlighted Block’s growing adoption metrics, revealing at the time that there were more than 800,000 Square merchants who now have BTC payments auto-enrollment enabled. This number seems to be above According to Suter, a new business activates the feature every eight seconds. The company is also rolling out a tap-to-pay BTC feature using NFC hardware and the Lightning Network, eliminating QR codes and offering zero processing fees through 2026.
The company’s broader strategy centers on integrating bitcoin across its ecosystem. Cash App users can now automatically convert peer-to-peer payments into BTC, earn 5% Bitcoin Back rewards at Square merchants, and withdraw up to $10,000 per day and $25,000 per week.
Block also introduced an updated Bitkey hardware wallet featuring a touchscreen and 2-of-3 multisig security model designed to simplify self-custody.
Alongside the product announcements, Block released its Q1 2026 proof-of-reserves report showing holdings of 28,355.05 BTC worth roughly $2.2 billion.
